Bed Bath & Beyond parent company Beyond to cut about 20% of its workforce

It is learned that on October 23, according to foreign media reports, documents submitted by Beyond, the parent company of Bed Bath & Beyond, Overstock and Zulily, to the U.S. Securities and Exchange Commission showed that the company will lay off about 20% of its employees and plans to complete most of the layoffs in the fourth quarter of this year.

Beyond pointed out that the layoffs will save about $20 million in fixed costs each year. The company said in the document: "It aims to create a more flexible cost structure and create a streamlined organizational structure to better suit its light asset business model." Due to the layoffs, Carlisha Robinson, the former chief product officer of Beyond, was fired without cause on October 22.

The layoffs come as Beyond is investing about $65 million in two retailers to help revive the physical business of its Bed Bath & Beyond brand. Beyond announced it will invest $40 million in The Container Store through a strategic partnership , taking a 40% stake and adding Bed Bath & Beyond products to its stores.

In addition, Beyond has entered into a partnership with home improvement retailer Kirkland's Home, investing $25 million in debt and equity in the company, which is expected to once again provide physical stores for the Bed Bath & Beyond brand. Previously, the brand's previous corporate entity filed for bankruptcy 18 months ago and closed all its stores. Beyond then acquired the bankrupt brand and rebuilt it into a pure online retailer.

Author ✎ Rayna/

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